Apple shows growth but iPhone sales remain flat

Apple's financial results for the second quarter 2017 revealed a dip in iPhone sales, with CEO Tim Cook suggesting delayed purchases are down to rumours of a new iPhone 8 to be released later this year.

The company reported it sold 50.76 million iPhones, generating $52.9bn in revenue and a 4.5% increase compared to last year. Despite a high volume in sales, Apple is still down from 51 million iPhones sold in Q2 2016.

This year marks Apple's 10th anniversary and rumours have circulated that Apple will launch a refreshed iPhone, with wireless charging, 3D facial recognition features. For this reason, Cook states there has been a delay in purchases.

"We're seeing what we believe to be a pause in purchases of iPhone, which we believe is due to the earlier and much more frequent reports about future iPhones.

"That part is clearly going on... We are seeing that in full transparency," he said.

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However Cook praised Apple's Q2 financial report. He added: "We are proud to report a strong March quarter, with revenue growth accelerating from the December quarter and continued robust demand for iPhone 7 Plus.

"We've seen great customer response to both models of the new iPhone 7 (PRODUCT)RED Special Edition and we're thrilled with the strong momentum of our Services business, with our highest revenue ever for a 13-week quarter."

The results also revealed iPad sales has also declined to 8.9 million unites, whereas Mac sales increased to 4.2 million.

Apple has also released a guidance for its fiscal 2017 third quarter; it predicts revenue between $43.5bn and $45.5bn.